Financial Stability Board welcomes banks’ new internal controls but says more needs to be done

Banks need to go further in their efforts to clean up currencies trading after a manipulation scandal, according to global regulators.

The Basel-based Financial Stability Board, which coordinates global financial regulatory efforts, has been working to overhaul the $5.3 trillion a day market since 2014, when a long-running probe into whether currency traders tried to manipulate markets led to some of the banks involved paying billions in fines.